Options
During Economic Hardship
How
can I lower my payment to an affordable amount for me?
I can’t make my payments. What options
are available to me?
What is forbearance?
What are the requirements for forbearance?
Will I receive a bill for the interest due
during the forbearance period?
How can I get a copy of the forbearance application?
I have a job, but do not make enough money
to pay anything on my student loans. What options are available
to me?
What is an economic hardship deferment?
Are there any other situations in which I
would qualify for an economic hardship deferment?
How can I determine if I am eligible for
this deferment?
I lost my job. Can Campus Partners postpone
my payments for a while?
What are the requirements for receiving the
unemployment deferment?
How long does the unemployment deferment
last?
How can I get a copy of the unemployment
deferment application?
How
can I lower my payment to an affordable amount for me?
Unless your school is listed below, you should contact them
to request special payment arrangements. Your lender may allow
Campus Partners to set your account up on "special
billing."
"Special
billing" is an agreement made between you and your school.
This allows you to be billed a different amount for a specified
period of time. The special billing payment amount is typically
lower than the actual repayment amount.
Borrowers
who received their loans from any of the following schools
should only contact Campus Partners for this service.
Please call (800) 334-8609.
- Western States Chiropractic
|
- Bentley College
|
- Naropa University
|
-
Fisk University
|
- Mass College Of Pharmacy
|
- George Mason University
|
- Parker College of Chiropractic
|
- University of Texas-Arlington
|
- College of St. Rose
|
- Bard College at Simon's Rock
|
- Brandeis University
|
- Vassar College
|
- Smith College
|
- Cleveland Institute of Music
|
- University of Virginia Law School Foundation
|
- Mount Olive College
|
- Texas Southern University
|
- Oglethorpe University
|
- Bethel College
|
- Lancaster General College of Nursing & Health Science
|
- Lancaster General - Allied Health
|
- Seattle University
|
- Trinity University
|
- Fuller Theological Seminary
|
- Bay State College
|
- Marymount University
|
- Maryland Institute of Art
|
- Birmingham Southern College
|
- University of Montevallo
|
- Webster College
|
- Indiana Institute of Technology
|
- Benedictine University
- Rhodes College
|
- Fort Valley State University
|
- Arcadia University
|
- Dickinson College
|
- Emory and Henry College
|
- University of Idaho
|
- New England Culinary Institute
|
- Sounthern Polytechnic State University
|
- Limestone College
|
- Florida A&M University
|
- Big Bend Community College
|
- Lee University
|
- Park University
|
- Burlington College - Vermont
|
- Dutchess Community College
|
- Gettysburg College
|
- Iona College
|
- Montreat College
|
- Nazareth College
|
- Ohio Christian University
|
- Paine College
|
- Stevens Institute of Technology
|
- Tusculum College
|
- Winston Salem State University
|
- Auburn University - Montgomery
|
I
can’t make my payments. What options are available to
me?
If you can’t make your payments, you may be eligible
for hardship deferment, unemployment deferment or forbearance.
Call Campus Partners at (800) 334-8609 to see if you are
eligible for one of these options.
What is forbearance?
Forbearance allows a break from making payments, or grants a reduced payment amount. Interest
continues to accrue during any period of forbearance, and you can opt to pay interest during
this time. There are two types of forbearance. The Mandatory Forbearance (SLDB) can be
granted based on your income and student loan payment debt ratio. The General Forbearance
can be granted if you are experiencing financial difficulties, have a change in employment,
unexpected medical expenses or other âacceptableâ reasons. Forbearance is considered upon
written request. The maximum forbearance time allowed over the life of the loan is 3 years,
renewable at 12-month intervals.
What are the requirements for forbearance?
Effective July 1, 1993, if your annual Title IV loan repayment obligation equals or exceeds
20% of your gross income or if your lending institution determines you qualify for other
reasons, you may submit a written request for Mandatory Forbearance (SLDB). You must
complete an
Application for Mandatory Forbearance
and submit this form to the school where you received the loan(s) or to Campus Partners. You
will need to provide supporting documentation for a forbearance request.
If you are requesting Forbearance for any other acceptable reason including, but not limited
to financial difficulties, change in employment, unexpected medical expenses, you must
complete an
Application for General Forbearance
and submit this form to the school where you received the loan(s) or to Campus Partners. You
will need to provide supporting documentation for a forbearance request.
If
you received your loan from the list below, please contact
Campus Partners.
- Western States Chiropractic
|
- Bentley College
|
- Naropa University
|
-
Fisk University
|
- Mass College Of Pharmacy
|
- George Mason University
|
- Parker College of Chiropractic
|
- University of Texas-Arlington
|
- College of St. Rose
|
- Bard College at Simon's Rock
|
- Brandeis University
|
- Vassar College
|
- Smith College
|
- Cleveland Institute of Music
|
- University of Virginia Law School Foundation
|
- Mount Olive College
|
- Texas Southern University
|
- Oglethorpe University
|
- Bethel College
|
- Lancaster General College of Nursing & Health Science
|
- Lancaster General - Allied Health
|
- Seattle University
|
- Trinity University
|
- Fuller Theological Seminary
|
- Bay State College
|
- Marymount University
|
- Maryland Institute of Art
|
- Birmingham Southern College
|
- University of Montevallo
|
- Webster College
|
- Indiana Institute of Technology
|
- Benedictine University
- Rhodes College
|
- Fort Valley State University
|
- Arcadia University
|
- Dickinson College
|
- Emory and Henry College
|
- University of Idaho
|
- New England Culinary Institute
|
- Sounthern Polytechnic State University
|
- Limestone College
|
- Florida A&M University
|
- Big Bend Community College
|
- Lee University
|
- Park University
|
- Burlington College - Vermont
|
- Dutchess Community College
|
- Gettysburg College
|
- Iona College
|
- Montreat College
|
- Nazareth College
|
- Ohio Christian University
|
- Paine College
|
- Stevens Institute of Technology
|
- Tusculum College
|
- Winston Salem State University
|
- Auburn University - Montgomery
|
You
are required to continue making payments on your loan(s) until
notification is sent stating that a forbearance has been processed
on your account.
Will
I receive a bill for the interest due during the forbearance
period?
If you elect to pay interest during the forbearance period,
you will receive a monthly interest bill. If you choose to
pay the accrued interest at the end of the forbearance period,
you will receive an interest bill approximately 20 days prior
to the forbearance end date. This bill is due the day after
the forbearance ending date.
How
can I obtain a copy of the forbearance application?
You can get a forbearance application by calling Campus Partners
at (800) 334-8609, or by downloading the Application
for Forbearance form from this site.
I
have a job, but do not make enough money to pay anything on
my student loan. Are any benefits available for me?
If you are working full time and earn no more than the Federal
Minimum Wage or an amount equal to 10% of the poverty line
for a family of two, you may qualify for the economic hardship
deferment.
What
is an economic hardship deferment?
The economic hardship deferment allows for a period of time
where no payment is necessary and interest does not accrue.
This deferment is renewable at 6-month intervals. You receive
an added 6-month grace period at the end of each deferment
period. During this grace period, no payment is necessary
and interest does not accrue. You are returned to your normal
billing cycle once the grace period ends. The maximum amount
of economic hardship time allowed over the life of the loan
is 3 years.
Are
there any other situations in which I would qualify for an
economic hardship deferment?
If you meet one of the following conditions and wish to apply
for a deferment, contact your lender or Campus Partners
to see if you qualify for an economic hardship deferment.
You may qualify:
- If you receive payment under a federal or
state public assistance program, such as Aid to Families
with Dependent Children, Supplemental Security Income (SSI),
Food Stamps, or state general public assistance.
- If you have been granted an economic hardship
deferment on any of your other federal loan(s) for the same
period of time being requested. You will need to attach
documentation stating that your other loans are in an economic
hardship deferment.
How
can I determine if I am eligible for this deferment?
If you feel that you qualify for the economic hardship deferment,
you must complete the Application
for Hardship Deferment form and submit this form to the
school where you received the loan(s) or to Campus Partners.
I
lost my job. Can Campus Partners postpone my payments?
If you are seeking or unable to find full-time employment,
you may qualify for the unemployment deferment. This is a
period of time when no payment is required, and interest does
not accrue.
What
are the requirements for receiving the unemployment deferment?
To qualify for the unemployment deferment, you must:
- Provide documentation, such as proof that
you are collecting unemployment benefits.
- Provide proof that you are actively seeking
employment if you are unemployed. Please send a list of
companies where you have applied for employment, including
the company name and address and send the name and telephone
number of a person to contact for verification.
- If you are working part-time and are unable
to find full-time employment (full time = 30 hours per week
for three consecutive months). You must provide the name
of a public or private employment agency where you have
registered for work, a contact name, and its address and
telephone number. (This does not include school placement
offices or temporary employment agencies).
How
long does the unemployment deferment last?
Unemployment deferments are processed in six-month increments
with a three-year limit. You will receive a six-month post-deferment
grace period at the end of each deferment period. Once the
six-month post deferment grace period ends, your loan will
be placed back into repayment.
How
can I obtain a copy of the unemployment deferment application?
Call Campus Partners at (800) 334-8609, or download
a form from our Web site. |